<p>This is <span><em>text</em></span>
This is <span>*text*</span>
This is <span><em>text</em></span>
This is <span><em>text</em></span>
This is <span>*nothing* <strong>to <em>fear</em></strong> about</span>.
This is <span>&lt;http://example.com&gt;</span>.</p>
